The capability of an asset to perform its required functions effectively and efficiently and also protecting life and the surrounding environment is called asset integrity. The asset integrity management market ensures that the people, systems, processes and resources which are the assets that deliver integrity are in place, in use and fit for purpose for the whole lifecycle of the asset. The Asset integrity management market includes various stages of the equipment lifecycle from planning, to engineering, design, construction, operation, inspection and finally their repair or replacement as and when required. Asset integrity management market improves plant reliability, safety and optimizes maintenance and inspection activities to meet safety and business targets by reducing the unplanned maintenance and repair costs.

Global Asset Integrity Management Market: Growth Factors

The major use of the Asset integrity management services in industries like oil and gas for maintaining the integrity of the assets is increasing the demand for the asset integrity management services. The necessity of asset integrity management services in new offshore fields in deep waters along with declining efficiencies of ageing assets, the need for operational safety, strict government safety rules and regulations and quality control requirements, different operations of industries getting affected due to changing climatic conditions, and reducing oil and gas prices are increasing the demand for maintaining the assets and plants which is growing the demand of the asset integrity management market. Many organizations are continuously using the applications of assets integrity management market for strict monitoring, management, and control of these assets which is boosting the growth of the global asset integrity management market. The robust development in energy and power sectors, growing explorations of latest deepwater oil fields and to keep minimum operational expenses is some of the factors responsible for the growth of the global asset integrity management market. The restraining factors for the growth of the global asset integrity management market are the lack of skilled labors and unpredictable climate changes that occur across the world.

North America is anticipated to have the largest share of the global asset integrity management market. This is mainly due to the leading operating development plants and refineries in the United States, and the focus of the government on maintenance of the integrity of assets certifying the safety and environmental preservation. The Asia Pacific region is anticipated to expand at a higher growth rate in the asset integrity management market due to the significant growth of oil and gas as well as manufacturing industries. This growth is attributed to the increase in the power consumption and increased adoption of asset integrity managed services from emerging economy countries like India, China, and Japan.

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